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ICICI Prudential AMC IPO
ICICI Prudential Asset Management Co Ltd
₹12,366 /6 sharesMinimum Investment
ICICI Prudential AMC IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| BSE | ₹2,165.00 | ₹2,600.00 | ₹435.00 (20.09%) |
ICICI Prudential AMC IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 12 Dec ‘25 - 16 Dec ‘25 | ₹12,366 | 6 | ₹2,061 - ₹2,165 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 10,602.65 Cr | RHP PDF | 17 Dec ‘25 | 19 Dec ‘25 |
| Face value |
|---|
| 1 |
Subscription rate
As of 16 Dec'25, 04:31 PM
| Qualified Institutional Buyers | 123.87x |
| Non-Institutional Investor | 21.98x |
| Retail Individual Investor | 2.42x |
| Shareholder | 9.58x |
| Total | 39.09x |
About ICICI Prudential AMC
Founded in
1993
MD/CEO
Mr Nimesh Vipinbabu Shah
Parent organisation
ICICI Prudential Asset Management Co Ltd
ICICI Prudential Asset Management Co Ltd IPO
https://www.youtube.com/watch?v=0u8nrnQEgsE
Strengths & Risks of ICICI Prudential AMC
Strengths
Risks
The company claims to be the largest AMC in India by quarterly QAAUM for active mutual fund schemes, with a 13.3 percent market share as of September 30, 2025 (CRISIL). It also reported the highest market share in equity and equity-oriented schemes QAAUM at 13.6 percent, and a 25.8 percent market share in equity-oriented hybrid schemes QAAUM as of September 30, 2025.
The company reported mutual fund monthly average assets under management (MAAUM) of Rs 6,610.3 billion attributable to individual investors, the highest in the industry, with a 13.7 percent market share as of September 30, 2025 (CRISIL). Systematic transaction flows – SIPs and STPs – rose to Rs 48.0 billion on September 30, 2025, with 92.5 percent of its systematic transactions having a tenure of over five years.
The company claims it managed 143 mutual fund schemes as of September 30, 2025, which it states is the highest number of schemes managed by any AMC in India (CRISIL).
The company states it operates a distribution network of 272 offices across 23 states and four Union Territories and works with 1,10,719 institutional and individual mutual fund distributors (MFDs), 213 national distributors, and 67 banks as of September 30, 2025. It said that 95.3 percent of mutual fund purchase transactions during the period ended September 30, 2025, were executed through digital platforms, with 11.0 million digital purchase transactions during the period, and 1.2 million new customers onboarded digitally.
The company claims its funds follow internal norms for asset allocation, sector allocation, and security selection, supported by a research framework that combines quantitative and qualitative analysis. It also states that it has a formal risk management setup, including a “three lines of control” model, an independent risk team reporting to the chief executive officer, and periodic reporting to a risk management committee.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 2,837.35 crore in FY23 to Rs 3,758.23 crore in FY24 and Rs 4,977.33 crore in FY25. PAT increased from Rs 1,515.78 crore in FY23 to Rs 2,049.73 crore in FY24 and Rs 2,650.66 crore in FY25.
The company derives most of its revenue from management fees on assets under management from mutual fund operations, PMS, AIFs and advisory services. They accounted for Rs 2,732.95 crore (92.7 percent) of the company’s revenue for the period ended September 30, 2025; Rs 4,682.78 crore (94.0 percent) in FY25; Rs 3,375.9 crore (89.8 percent) in FY24; and Rs 2,689.18 crore (94.8 percent) in FY23. Its business is highly sensitive to market movements and macroeconomic conditions that affect AUM levels and mix, including equity market volatility, interest rate changes, credit events in fixed income, investor redemptions, lower savings or reduced flows into systematic transactions, as well as any shift from higher-fee active products to lower-fee passive products or other vehicles.
ICICI Prudential AMC depends on investment management, portfolio management services (PMS), and investment advisory agreements that can generally be terminated by counterparties, which can make future revenues less predictable. Almost all of its management fee income is derived from its role as the asset manager of ICICI Prudential Mutual Fund (administered by ICICI Prudential Trust Limited as trustee), and termination or non-renewal of this arrangement could materially reduce its management fees and revenue base.
ICICI Prudential AMC operates in a highly regulated industry and is subject to Securities and Exchange Board of India (SEBI) regulations, circulars, and guidelines for mutual funds, PMS, and AIFs. SEBI compliance requirements can increase costs, and any non-compliance may result in fines, sanctions, and court proceedings, which could reduce profitability. The company has also faced a SEBI-related matter linked to ICICI Prudential Venture Capital Fund (IPVCF), where the ICICI Prudential Real Estate Scheme – I (IPRES Fund) ran beyond the tenure stated in its private placement memorandum (PPM) and later became subject to a SEBI settlement framework, which could lead to additional regulatory exposure.
The company’s equity and equity-oriented QAAUM are sourced through third-party distributors: institutional and individual distributors. They accounted for 37.7 percent of the company’s total QAAUM for equity and equity-oriented schemes as of September 30, 2025; 38.6 percent in FY25; 40.6 percent in FY24; and 40.7 percent in FY23. These intermediaries are non-exclusive, can alter their product focus, and may be affected by regulatory changes, mis-selling issues, operational failures, or a preference to promote competitors’ products. Any adverse development affecting these distributor relationships or their ability and willingness to market the company’s products can reduce its AUM and fee income, adversely affecting its business, results of operations, financial condition, and cash flows.
The company, its promoters, and directors are involved in certain ongoing legal proceedings, including criminal and tax-related disputes. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company’s five largest equity and equity-oriented schemes accounted for 53.4 percent, 54.0 percent, 56.4 percent, and 58.2 percent of total equity and equity-oriented QAAUM as of the period ended September 30, 2025; FY25; FY24; and FY23, respectively, while its five largest debt schemes accounted for 68.4 percent, 65.2 percent, 60.4 percent, and 60.6 percent of total debt QAAUM over the same dates. Underperformance, volatility-driven redemptions, or adverse events affecting these schemes could have a disproportionate impact on liquidity, QAAUM, and fee income.
ICICI Prudential AMC’s investment activities can expose it to counterparty risk where brokers, banks, clearing houses, or other counterparties may default or become insolvent, potentially leading to losses or delays in recovering assets. It is also exposed to foreign exchange risk from investments or transactions denominated in foreign currencies, where adverse currency movements, exchange controls, or restrictions can affect valuations, transfers, or repatriation. Any inability to hedge these exposures effectively due to cost, liquidity, or legal and operational constraints could increase volatility and reduce investment returns.
Certain group companies and promoter group entities operate in asset management, investment management, and/or portfolio management, which can create potential competition for mandates, distribution access, or client relationships. These include ICICI Securities Limited, ICICI Venture Funds Management Company Limited, Rajasthan Asset Management Company Private Limited, and Eastspring entities (Eastspring Investments Limited, Eastspring Investments (Singapore) Limited, and Eastspring Securities Investment Trust Co., Ltd). Any expansion of these entities into overlapping products or geographies, or conflicts arising from shared group relationships (including directors serving on boards of some of these entities), could result in loss of business opportunities, adversely affecting the company’s business and financial condition.
ICICI Prudential AMC Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of ICICI Prudential AMC IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹2061 - 2165 | Upto ₹2 Lakh | 6 |
| Shareholder | ₹2061 - 2165 | Upto ₹2 Lakh | 6 |
| High Networth Individual | ₹2061 - 2165 | ₹2 - 5 Lakh | 6 |
For ICICI Prudential AMC IPO, eligible investors can apply as Regular & Shareholder.
About ICICI Prudential AMC IPO
ICICI Prudential AMC IPO Timeline
|
Event |
Date |
|
Anchor Investor Bidding Date |
11 December, 2025 |
|
Bid / Offer Opening Date |
12 December, 2025 |
|
Bid / Offer Closing Date (for all bidders other than Anchor Investors) |
16 December, 2025 |
|
Finalisation of Basis of Allotment (BOA) |
17 December, 2025 |
|
Initiation of Refunds / Unblocking of ASBA / UPI Mandates |
18 December, 2025 |
|
Credit of Equity Shares to Demat Accounts |
18 December, 2025 |
|
Commencement of Trading of Equity Shares on Stock Exchanges |
19 December, 2025 |
ICICI Prudential AMC IPO Investor Category Reservation
|
Investor Category |
Reservation / Allocation |
|
QIB (excluding Anchor Investor Portion) |
Not more than 50% of the Net Offer |
|
Non-Institutional Investors (NII) |
Not less than 15% of the Net Offer |
|
Retail Individual Investors (RII) |
Not less than 35% of the Net Offer |
|
Anchor Investors |
Up to 60% of the QIB Portion (on a discretionary basis), of which at least one-third shall be reserved for domestic Mutual Funds |
Industry Overview of ICICI Prudential AMC IPO
The Indian mutual fund industry has seen robust growth, with QAAUM rising from ₹54.1T in Mar 2024 to ₹67.4T in Mar 2025 and ₹77.1T by Sept 2025 (18.4% CAGR over FY19–FY25).
Key structural trends:
- Shift from physical to financial assets: MF AUM as % of bank deposits increased from 19.7% (Mar 2020) to 28.7% (Mar 2025), signalling higher equity participation.
- Strong SIP culture: SIP AUM reached ₹15.5T as of Sept 2025; SIP flows were ₹2.89T in FY25 and ₹1.67T in H1 FY26, contributing ~60% of equity & equity-hybrid flows.
- Rising retail share: Retail investors’ share of MF AUM has risen to 26.8% of total MF AUM and 45% of equity AUM as of Sept 2025; individual AUM share (retail + HNI) in the industry rose from 52% to ~61% between Mar 2020 and Mar 2025.
- Fast growth in passive and ETF products, though still smaller than active funds, is supported by institutional mandates and low-cost investing.
Key industry challenges:
- Market volatility from macro/geopolitical factors.
- Competition from ULIPs, direct equity and low-cost ETFs.
- Tech-driven DIY investing and robo-advisors are pushing AMCs to innovate and cut costs.
- Tax changes, such as the removal of indexation on debt funds, reduce the appeal of long-term debt MFs.
Overall, it’s a high-growth but competitive industry, with strong tailwinds from demographics, financialisation of savings, and SIP adoption.
ICICI Prudential AMC Growth Trajectory
- ICICI Prudential AMC is among the leading AMCs in India by average AUM and has a track record of consistent AUM growth across equity, debt, and other schemes.
- The company has:
- Expanded product offerings across categories (equity, hybrid, passive, ETFs, FOFs, solution-oriented funds, etc.).
- Scaled its distribution network via a mix of banks, IFAs, national distributors and digital channels.
- Improved profitability with rising profits and net worth over FY 2021–2024 (PAT grew from ~₹4,421 million to ~₹6,654 million).
- The company focuses on investment performance, risk management and customer-centric product design to drive sustainable growth.
ICICI Prudential AMC Financials
|
Particulars |
FY23 (₹) (In Cr.) |
FY24 (₹) (In Cr.) |
H1 FY25 (₹) (In Cr.) |
FY25 (₹) (In Cr.) |
H1 FY26 (₹) (In Cr.) |
|
Operating Revenue |
2,689.18 |
3,375.90 |
2,186.93 |
4,682.78 |
2,732.95 |
|
Profit After Tax* |
1,515.78 |
2,049.73 |
1,327.11 |
2,650.66 |
1,617.74 |
|
Assets |
2,804.76 |
3,554.09 |
4,096.74 |
4,383.68 |
4,827.34 |
In values in ₹ Cr.
ICICI Prudential AMC Limited Peer Details Comparison
|
Company Name |
P/E (x) |
EPS (Basic) |
EPS (Diluted) |
RoNW (%) |
NAV (per share) (₹) |
|
ICICI Prudential Asset Management Company Limited |
53.6 |
53.6 |
82.8 |
71.2 |
|
|
HDFC Asset Management Company Limited |
45.2 |
57.6 |
57.4 |
32.4 |
189.8 |
|
Nippon Life India Asset Management Limited |
41 |
20.3 |
20 |
31.4 |
66.4 |
|
UTI Asset Management Company Limited |
19.8 |
57.4 |
57.1 |
16.3 |
359.4 |
|
Aditya Birla Sun Life AMC Limited |
22.5 |
32.3 |
32.2 |
27 |
129.2 |
ICICI Prudential AMC Company Address
ICICI Prudential Asset Management Company Limited
One BKC, A-Wing, 13th Floor,
Unit No. 1301, Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051, Maharashtra, India
Telephone: +91 22 6647 7000
Website: www.icicipruamc.com
ICICI Prudential AMC IPO Registrar
KFin Technologies Limited
Selenium Building, Tower-B, Plot No. 31 & 32,
Financial District, Nanakramguda,
Serilingampally Mandal, Hyderabad – 500 032, Telangana, India
Tel: +91 40 6716 2222
Website: www.kfintech.com
Investor Grievance Email: [email protected]
ICICI Prudential AMC IPO Lead Managers
- Citigroup Global Markets India Private Limited,
- Morgan Stanley India Company Private Limited,
- BofA Securities India Limited,
- Axis Capital Limited,
- CLSA India Private Limited,
- IIFL Capital Services Limited (formerly known as IIFL Securities Limited),
- Kotak Mahindra Capital Company Limited,
- Nomura Financial Advisory and Securities (India) Private Limited,
- SBI Capital Markets Limited,
- ICICI Securities Limited,
- Goldman Sachs (India) Securities Private Limited,
- Avendus Capital Private Limited,
- BNP Paribas,
- HDFC Bank Limited,
- JM Financial Limited,
- Motilal Oswal Investment Advisors Limited,
- Nuvama Wealth Management Limited,
- UBS Securities India Private Limited